China Bitcoin Ban: PRC Blocks Access to All Crypto-exchanges

China to stamp out cryptocurrency trading completely with ban on foreign platformsMore

The government of China is reportedly planning to block all offshore websites related to cryptocurrency trading and initial coin offerings (ICO). Indeed, Ace Yang, executive director of Cathay Capital, a Beijing private equity firm, said to the South China Morning Post: "It's positive news for Japan and Singapore, because demand for participating in trading is not diminishing and traders have got to go somewhere".

The progress occurs months after China formally outlawed expenses in initial coin offerings (ICOs), considering the blockchain practice claim to create a pattern of illegal financing.

US Trade Deficit Jumped by 12.1% in 2017
This makes it increasingly hard to meet Donald Trump's promise the country to reduce the gap between imports and exports. The surge in the December trade deficit was flagged by an advanced goods trade deficit report published in late January.

As SCMP adds, quoting an article published on Sunday night by Financial News, a publication affiliated to the People's Bank of China (PBOC), "To prevent financial risks, China will step up measures to remove any onshore or offshore platforms related to virtual currency trading or ICOs". This is widely believed to mean that the country will be looking to raise its notorious "Great Firewall of China" on any crypto-related website. In a communique issued by the People's Bank of China (PBoC), there is a doubling of efforts to enforce bans on domestic and foreign cryptocurrency trading platforms. With the highly restricted internet service in the country, accessing these foreign platforms has not exactly been a breeze. In the Financial News article, it acknowledged that recent attempts to stamp out digital currencies by shutting down domestic exchanges had failed to completely eradicate trading. However, mainland investors simply moved to overseas platforms to continue trading. Overseas transactions and regulatory evasion have resumed.

According to reports, Weibo, the Chinese equivalent of Facebook/Twitter, and Baidu, the Chinese equivalent of Google, have already banned cryptocurrency adverts on their platforms. The Chinese central bank also announced that it would "tighten regulations" on Chinese people's participation in overseas cryptocurrency transactions and ICOs. Also, to ensure their tools were not being used to funnel money into cryptocurrency trading.

Rams' Donald is Defensive Player of the Year

This leaves Bitcoin down 47% year-to-date, the worst start to a year for the cryptocurrency since inception... Also, the fact that a rapid rise in various currencies' value a year ago could reflect a bubble, concerns investors. Many of these accounts held millions of dollars of investor funds which has seriously hampered their operations.

North Korea Plans Parade of Long-Range Missiles Before Olympics
Moon is believed to be trying to use sports events to show the global community that tensions with the North are easing.

Related news:

Hot News

isis-killer-beheading-video-story-top Everton Boss Sam Allardyce Labels His Side as 'Pathetic' Following Arsenal Humiliation
Feb 06, 2018 - 05:20

isis-killer-beheading-video-story-top Super Bowl LII: NBC announcers rise to occasion of historic thriller
Feb 06, 2018 - 05:11

isis-killer-beheading-video-story-top Best NFL Players Not in the Hall of Fame
Feb 06, 2018 - 04:13

isis-killer-beheading-video-story-top Fiji roll South Africa to win Hamilton Sevens
Feb 06, 2018 - 03:51

isis-killer-beheading-video-story-top Religious Group Protests Rihanna's Visit to Senegal for Children's Education Conference
Feb 06, 2018 - 03:35

isis-killer-beheading-video-story-top China accuses USA of 'Cold War mentality' over nuclear policy
Feb 05, 2018 - 02:19
It says Russian Federation and China are rapidly modernizing their nuclear capabilities. He noted that the U.S. owns the world's largest nuclear arsenal.

isis-killer-beheading-video-story-top John Stamos and Caitlin McHugh get hitched
Feb 05, 2018 - 02:15
I know they would love her. "She's a gentle, kind, graceful soul who would be a good mother", he gushed. Ugh! Cops came, and so did the Fuller House star, after Cailtin called him and explained what happened.

isis-killer-beheading-video-story-top PFA offer assistance to Leicester's Riyad Mahrez
Feb 05, 2018 - 01:52
Thorgan Hazard is primarily a left winger, but can also play through the middle as an attacking midfielder. City were believed to be only willing to pay up to £65m.

isis-killer-beheading-video-story-top Girl, soldier injured as India, Pak trade fire on Kashmir LoC
Feb 05, 2018 - 01:51
Captain Kapil Kundu from Ransika village of Gurgaon district would have turned 23 on February 10, the report said. A 15-year-old girl, as per reports, was also injured in border skirmishes in the Poonch district.

isis-killer-beheading-video-story-top The Ultimate 2018 Winter Olympics Quiz
Feb 04, 2018 - 00:45
Vice President Mike Pence's pending visit to the Olympics, accusing Washington of halting improvements in inter-Korean relations. Players from Italy and France skated with the North Koreans, but there was little interaction between them.

isis-killer-beheading-video-story-top Mauricio Pochettino: Tottenham Hotspur will be ready for Liverpool challenge
Feb 04, 2018 - 00:42
Harry Kane has had a hand in six goals in six Premier League appearances against Liverpool , with four goals and two assists. Liverpool are third in the league with 50 points from 25 games, 18 points behind runaway league leaders Manchester City .

isis-killer-beheading-video-story-top Larry Nassar Attacked: Internet Embraces Furious Dad Randall Margraves
Feb 04, 2018 - 00:41
Following the recess in Friday's proceedings, the judge declined to cite Margraves for contempt of court. Mr Margraves, speaking at a press conference afterwards, apologised, saying he was "very embarrassed".

'US actions a threat to Korean ties'
Feb 04, 2018 - 00:41
It said the threat North Korea poses to the US and its allies has become "urgent and unpredictable". Thereafter, on February 9, they will return home with a North Korean contingent onboard.

isis-killer-beheading-video-story-top Maldives police disperse crowds celebrating court's freeing of opposition leaders
Feb 04, 2018 - 00:37
Earlier, Nasheed had said the ruling cleared the way for him to return to the Maldives and contest elections due later this year. Yameen's office said Attorney General Mohamed Anil had raised the administration's concerns with the chief justice.

isis-killer-beheading-video-story-top Hawaii Missile Alert Sender Was '100% Sure' They Were Being Bombed
Feb 04, 2018 - 00:36
Push notifications were sent to cell phones belonging to Hawaiian residents and alert messages were played on local television. The man said he heard the words "This is not a drill" in a voice he did not recognize and reacted as he was trained to do.